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April 25, 2019

Trump’s first big Manhattan real estate windfall set for demolition

February 9, 2019
The Grand Hyatt Hotel in New York is pictured on Thursday. The building that helped Donald Trump make a name for himself in Manhattan is being sold to developers who plan to tear it down. (Richard Drew / AP)

The Grand Hyatt New York — Donald Trump’s first big Manhattan real estate windfall — will be torn down as part of a deal with developers to buy the Midtown hotel.

Developer TF Cornerstone and investment firm MSD Partners have agreed to buy the 26-story building, which stands next to Grand Central Terminal.

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Trump partnered with Hyatt to buy what was then the Commodore Hotel and renovate it at a cost of about $100 million. The new hotel opened in 1980 after Trump milked $168 million, 42-year in tax breaks out of local government to complete the job.

In this June 28, 1978, file photo, New York Gov. Hugh Carey points to an artist's conception of the New York Hyatt Hotel. From left are: Donald Trump; New York Mayor Mayor Ed Koch; Carey; and Robert T. Dormer, executive vice president of the Urban Development Corp.
In this June 28, 1978, file photo, New York Gov. Hugh Carey points to an artist’s conception of the New York Hyatt Hotel. From left are: Donald Trump; New York Mayor Mayor Ed Koch; Carey; and Robert T. Dormer, executive vice president of the Urban Development Corp. (AP)

Trump sold his share in the Grand Hyatt in 1996 for $140 million.

TF Cornerstone and MSD, which works as billionaire Michael Dell’s money manager, plan to house offices, retail and a scaled-down hotel in the new building, which would require city and state approval to complete.

Demolition will be complicated work, and instead of requiring a wrecking ball, it would mean workers taking apart the building in a more methodical fashion.

“It’s what you would call a surgical demo,” said Toby Romano Jr, president of Breeze National demolition. “Basically, it has to come down piece by piece.”

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